Adjusted stop on my ES position to 1338.
Gold is offering a very interesting setup which I want to take. Look at this:
Gold is offering a very interesting setup which I want to take. Look at this:
ES Trend Following
- Thread starter Bombardier
- Start date
- Status
Shorted @ 1341.50, Stop @ 1357.50
I'm in a new short position after a very visible peak was created earlier (where the stop is placed at). A support basis broke at around 1343 which is why I took this opportunity.
I'm in a new short position after a very visible peak was created earlier (where the stop is placed at). A support basis broke at around 1343 which is why I took this opportunity.
Still in my short position since yesterday and sitting on around $450 unrealized profits. Very tiny and vulnerable for the time being, but let's see how the trend evolves. My current observations:
We rallied strongly around end of day today, however we had rallied also on 6th and 9th towards end of day, still we had broken out of the range to the downside. Also, we didn't make new highs today around end of day, rather price got beaten down after reaching the high made early in the day.
There is a lot of demand in 1305 area and we witnessed a lot of demand on 6th and 9th in 1342-1344 area. However, we have still gone below 1342-44. This suggests to me that on balance, bears have an upper hand in this market. Even though there can be sharp and fast bull rallies in which ES can move up 10 points in 15-20 minutes.
I think final tell is that ES today failed to close at high and was beaten down pretty quick from 1339.5. I think in the overnight session and tomorrow, we might re-visit 1342-1345 area, but we will retrace after that in search of newer lows, towards 1315-1320. I have an order to get short at 2576 NQ, trading NQ instead of ES since NQ is acting much weaker compared to ES for last 5-10 sessions.
My 2 cents.
I notice the very same. What's vicious about those end of day rallies is that they appear quite potent indeed, but often fail to break any significant barriers to the upside. We then generally believe that the market would do so over night and open the next RTH session with a gap up. What happens is the opposite. The challenge a trader needs to overcome is to the emotional side while watching profits deteriorate. Patience and a healthy dose of ignorance might be the fix. There is an uptrend in the 4H or daily chart which is being tested for the 4th time.
Adjusted stop to the relevant peak in recent price action 1343.50 and sitting on about 20pt unrealized profits.
Truly pleasing market activity
Truly pleasing market activity
Quote from Bombardier:
Adjusted stop to the relevant peak in recent price action 1343.50 and sitting on about 20pt unrealized profits.
Truly pleasing market activity
Yes it was looking somewhat dicey at yesterday close, but today European hours and US hours have been pretty favorable. Nice Trade Wonderboy!
Bought @ 1339, Stop @ 1329.50
Reversed at this level as the bulls took over and broke the downtrend channel drawn in an earlier post. Realized proceeds $125.
Total profit since beginning: $14,775
Reversed at this level as the bulls took over and broke the downtrend channel drawn in an earlier post. Realized proceeds $125.
Total profit since beginning: $14,775
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